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1 year ago

Futuristic calculation of auto insurance policy

Considering how auto insurance policies are currently calculated this is a much needed change. The excitement that I first felt when I heard about the progressive insurance company’s “Pay as you drive” program can hardly be put into words. If you are a vehicle owner you are probably familiar with how the policy fees are calculated at the moment. Your data is added to a much bigger algo and to quote progressive’s home page: “Typically, car insurance rates are based on the habits of people like you”.  This means that your personal driving skill has very little to do with how much you’ll end up paying for your auto insurance policy.

However thanks to progressive insurance, all of that is about to change. This amazing upgrade will allow the insurance company to use live data for calculating the policy price. All that is needed from your end is a device called Snapshot. This is a basic plugin that should be installed in your car (all newer models should be equipped with the OBD – II port) and once it’s plugged in it will send back the data to the insurance company. 

This device, Snapshot will record different aspects of your driving habits and inform progressive insurance about it. For example the device will record the number of hard braking’s you had (some models will even beep and inform you of this), average travel speed, miles spend on the road as well as the time of day that you drive your car. All this data helps the insurance company to evaluate the risks more efficiently and precisely. The better you drive, the cheaper insurance will cost you. This is the personalization of the insurance policies that will change the market forever as now you will be the only one in charge of your costs! Try it out today. 

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